Huobi Thailand is No Longer a Licensed Exchange

Huobi’s Thai unit is closing down after the country’s regulator canceled its license. Huobi Thailand announced on Thursday that it no longer has an official license. On July 1, 2022, the platform will be permanently closed. The firm stated that it has been seeking to contact its customers for the past ten months to inform them of the need to withdraw assets. “However, there are still several consumers who are out of reach,” the trading site said in a statement translated from Thai to English. Thailand’s Securities and Exchange Commission The unit has given its Telegram and e-mail addresses to those unable to withdraw their funds. It was declared after Wednesday that Thailand’s Securities and Exchange Commission delisted the local team as a digital asset trading hub. Huobi Thailand failed to upgrade its systems and employees by rules, according to the watchdog. The SEC proposed terminating the exchange’s local license in September, according to a statement on the regulator’s website. An examination concluded the firm’s management structure and operations were insufficient to assure compliance with relevant rules after warning the firm of anomalies and giving it time to make changes. The SEC also suggested to the Finance Ministry that Huobi’s services be suspended, with customer assets to be recovered within three months. It’s clear from the firm’s announcement on Thursday that not all clients have gotten their money back. Huobi...